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EXIMBANK KOREA

About IFIs and IFFOs:

The Export-Import Bank of Korea (Eximbank) was established in 1976 and is a specialized government financial institution. The solvency of the Bank is guaranteed by the government, which provides necessary funds by contributing a significant share to the capital and allocates special funds to finance various projects

Website: www.koreaexim.go.kr 

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The headquarters is located in Seoul. It has 13 local branches and 4 foreign, in countries such as the UK, Indonesia, Vietnam and Hong Kong, as well as representative offices in 21 countries.

The main task of the Bank is to support Korean companies operating abroad through the provision of soft loans, commercial loans, loan guarantees, financing of export and import operations, etc.

Financing conditions depend on specifics of operations and the type of projects. In general, loan terms usually range from 2 to 10 years with the interest rate LIBOR+margin. The Bank also provides advice and other services to identify new business opportunities abroad.

The largest volume of total credit operations of the Bank is accounted for by export crediting. The rest of the loan portfolio consists of foreign investment operations. Project guarantees occupy the main share in the total structure of guarantees provided by the Bank. The following are financial guarantees.

The Eximbank of Korea is entrusted with the administration of special government funds: the Economic Development Cooperation Fund (EDCF) and the Inter-Korean Cooperation Fund (IKCF).

Cooperation with the Republic of Uzbekistan:

During the period of cooperation (since 1999), Eximbank of Korea took part in implementation of 9 projects with provision of credit funds totaling $1,821.2 million, including:

— co-financing of the project “Construction of a gas and chemical complex on the basis of Surgil field” together with the NHC Uzbekneftegaz in the amount of $1 billion;

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— provision of 2 direct export credits for the supply of textiles and equipment for the automotive industry – $38.52 million;

— provision of 6 credit lines to commercial banks of the republic for financing projects of small business and private entrepreneurship – $782.7 million, 4 projects are being implemented under the credit line of Eximbank of Korea with commercial banks of the republic for a total amount of $355.0 million to finance projects of small business and private entrepreneurship.

The portfolio of concessional loans of the Economic Development Cooperation Fund (EDCF) in Uzbekistan currently amounts to $806.2 million,

using which:

— implementation of 5 socially significant projects was completed — $117.0 million.

-4 projects are being implemented under the Eximbank of Korea credit line with commercial banks of the republic totaling $415.0 million to finance projects of small business and private entrepreneurship.

— 5 socially significant infrastructure projects worth $365.2 million are being implemented, including projects on creating a modern children’s multi-field hospital of level IV, the National Geographic Information System, the National General Education Electronic Library, and the new international passenger terminal of Tashkent city airport (Terminal 4), as well as on further development of ICT.

in school education (from 27 to 30 March 2018, a visit was paid by the preparatory mission of Eximbank of Korea to develop a medium-term action plan with the Economic Development Cooperation Fund (EDCF).

During the visit, the mission held meetings with sectoral ministries and departments of the Republic of Uzbekistan in order to familiarize them with the latest changes in the EDCF policy, discuss further steps for projects being worked out, including within the framework of the above-mentioned Framework Agreement between the EDCF and the Republic of Uzbekistan

Based on the results of the mission, the parties agreed to organize a mission to develop an EDCF medium-term action plan for Uzbekistan and a policy dialogue in the third quarter of this year.

Currently, the relevant ministries and departments of the Republic of Uzbekistan are preparing project concepts for projects planned for implementation within the framework of the aforementioned Framework Agreement.